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Five tips for managing your money during Covid-19

We know that the COVID-19 pandemic is having a devastating effect on people’s livelihoods and causing financial worries.

But our expert Benefits and Money advisors are here to help you. Here are our top five tips for managing your money during the COVID-19 pandemic. 

1. Check your benefits 

It’s important to check you’re getting all the state benefits you’re entitled to. We understand it can feel overwhelming to navigate the state benefits system, especially if this is the first time you have needed to make a claim.

You can get information on the benefits you can claim to support you and your family during periods of low income by visiting the government website. Here you can complete a benefits check and begin your applications online, including an advancement of Universal Credit payment to help with immediate bills.

If you need help navigating the benefits system you can contact us for advice on 0808 802 8080.

2. Review your spending 

The first step in taking control of your finances is understanding when and where you are spending your money.

Take a day to review all your spending and bills, go over your bank statements and make a list of all essential and non-essential payments. Make sure you check for competitive rates with your utility and broadband suppliers. You can access advice on how to do this by visiting Money Supermarket

3. Talk to your creditors 

Financial providers want to help so it’s always worth speaking to your creditors and asking them about relevant schemes to help.

If you are experiencing a change in your circumstances, contact your creditors and update them on your situation. Some creditors have payment holidays and other schemes to help during periods of financial difficulty. 

4. Keep up to date with Government assistance and advice

The government has made several changes to both the welfare benefits system and how creditors take action to enforce debts and arrears. These changes have been made to support individuals and families who are experiencing difficulty due to COVID-19. You can keep up to date with all of these changes by checking the latest government advice or Money Saving Expert.

5. Speak to us for free money and debt advice 

We’re here to help you with free money and debt advice.

If you would like further support and guidance on any of these topics, or you find that you have fallen behind with your creditors, please contact us for impartial advice from our Benefits and Money Advice experts. You will receive contact from one of our trained advisers who will guide you through your debt options and carry out in-depth benefits checks. Call us on 0808 802 8080 and a member of our team will be happy to help. 

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